{
    "success": true,
    "data": {
        "ucits": true,
        "type": "ETF",
        "leverage": false,
        "derivates": true,
        "swaps": false,
        "inverse": false,
        "replication_method": "physical",
        "complex_factors": "Fixed rate investment grade corporate bonds with maturity less than 5 years",
        "classification": "non-complex",
        "supporting_data": "The ETF is UCITS compliant and aims to track the Bloomberg 0-5 Year Sterling Corporate Bond Index using physical replication (stratified sampling). Derivatives are used for efficient portfolio management, but their use is limited. The underlying assets are fixed-rate, investment-grade corporate bonds. The KID indicates a risk rating of 3/7, but this reflects market volatility rather than structural complexity. The fund is transparent as it tracks a well-known index. While securities lending is permitted, it is limited to 70% and well managed within UCITS rules. There is no mention of swaps or structured products. Therefore, given that the ETF uses physical replication, the derivative usage seems to be for Efficient Portfolio Management and the index is unlikely to be complex. All of this points towards a non-complex determination under MiFID II. "
    }
}